The value of Australia's commodity exports is set to fall by almost 25 percent over the next two years, government projections have revealed.
The federal Department of Industry, Science and Resources on Tuesday published the September 2023 edition of the resources and energy quarterly (REQ) report.
According to projections included in the report, the total annual value of Australia's resources and energy exports will fall 24.6 percent from a record-high 467 billion Australian dollars (296.9 billion U.S. dollars) in the financial year 2022-23 to 352 billion Australian dollars in 2024-25.
Exports of iron ore - Australia's most valuable commodity - will fall from 124 billion to 99 billion Australian dollars in that period, the report said, and earnings from liquefied natural gas exports will fall 32.2 percent from 93 billion to 63 billion Australian dollars.
Responding to the report, Resources Minister Madeleine King said in a statement on Tuesday that the projections reflected a return to normal prices amid concerns over sluggish global economic growth.
"While overall export revenue is easing from record highs, Australia's resources and energy exports remain strong and continue to underpin Australia's economic wellbeing," she said.
The REQ report contained a special chapter on the global battery value chain, finding that Australia is a world-leading exporter of minerals used in rechargeable batteries such as lithium, nickel, cobalt and copper as growing electric vehicle sales drive global demand.
"Demand for Australia minerals is growing as the world works to build the technology needed to decarbonise," King said. (1 Australian dollar equals 0.63 U.S. dollar)
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